CDB and IFC Partner to Drive Digital Transformation for Caribbean Entrepreneurs

Bridgetown, Barbados, June 27, 2025 - The Caribbean Development Bank (CDB, the Bank) is intensifying its efforts to help businesses in the region embrace digital transformation. At the closing ceremony of the inaugural DigiLab Finance Caribbean programme, Dr. Isaac Solomon, CDB Vice President of Operations, emphasised the urgent need for Micro, Small and Medium-sized Enterprises (MSMEs) to go digital.

“Across our region, far too many people and MSMEs remain outside the formal financial system. Over 80% of payments are still being made in cash in the Eastern Caribbean,” Dr. Solomon pointed out. He described this as “a barrier to progress.”

DigiLab Finance is a flagship digital transformation programme led by the International Finance Corporation (IFC). Its inaugural Caribbean cohort was delivered in partnership with CDB and the Caribbean Association of Banks (CAB). With joint investment from IFC, CDB, and CAB, a total of 59 professionals from five financial institutions across the region were trained in tools that promote economic resilience and innovation among the private sector clients they serve. The goal is to expand access to financial services for individuals and MSMEs across the region by leveraging digital technologies.

Highlighting CDB’s wider mission to reduce poverty and improve lives across the Caribbean, Dr. Solomon stated, “We must empower citizens—especially youth—to navigate this new financial landscape confidently and safely. Financial institutions can help to revolutionise the ways in which underserved populations can access financial services and products.”

He further added, “More than ever before, innovation has to be real, beyond words, and play a significant role in determining the region’s development and resilience.”

?In this first Caribbean cohort, personnel from Antigua Commercial Bank, the Bank of Saint Lucia Limited, the Eastern Caribbean Amalgamated Bank, the 1st National Bank of Saint Lucia, and the Trinidad and Tobago Mortgage Bank benefitted from intensive training.

Dr. Solomon also reaffirmed CDB’s dedication to creating an enabling environment for digital finance through supportive policies and regulatory frameworks. “The Bank is pleased to partner with IFC and CAB. We look forward to deepening our collaboration—not only through future Digital Strategy Programmes, but also in embedding Environmental Social and Governance principles, advancing gender-responsive banking, and strengthening the Region’s financial architecture,” he said.

This is a historic first step, together, CDB and IFC will continue laying the groundwork for a more inclusive, modern financial system that can unlock innovation and opportunity for the region’s entrepreneurs. Both organisations are committed to bringing more resources, expertise and innovative solutions to the Caribbean. 

Disclaimer

This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers